Report Overview

Global Permanent Magnet Market- Industry Trends & Forecast Report 2027

Global permanent magnet market was worth USD 31.7 billion in 2020 and is further projected to reach USD 59.3 billion by 2027, at a CAGR of 9.4 % during the forecast period (2021-2027). The continuous technical developments and the production of the latest machinery have aided in the evolution of sustainable and efficient mining operations. As a result of this factor, mining output, especially rare earth metals, has increased. This element has also contributed to meeting the rising need for permanent magnets discovered due to mining operations. Furthermore, permanent magnets have found widespread application in medical imaging systems, which are rapidly being employed for diagnostic purposes, resulting in increased market growth . Because permanent magnets are utilized in electric generators, rising interest in generating power from renewable sources has increased demand for permanent magnets, thereby driving the growth of the permanet magnet market.

Source: BlueWeave Consulting

Global Permanent Magnet Market Overview

Permanent magnets generate their magnetic field regardless of whether they are on or off, unlike electromagnets, built with a coil wrapped around a core and require an electric current to generate a magnetic field. Permanent magnets can be made from a variety of materials, each with different properties, and each manufactured differently.

These magnets are widely utilized in both industrial and home applications. Permanent magnets are used in applications where their attracting and repelling forces can be harnessed and transformed into useful functions without external power. In motors and generators, they convert electrical energy to mechanical force and vice versa.

Global Permanent Magnet Market Trend

Growth Drivers

The Surge in Demand from the Automobile Applications Push the Demand for Permanent Magnet

Automobile demand is expanding in emerging economies like China, India, and Japan. As a result, the growing automotive industry in Asia-Pacific is powering the growth of the permanent magnet market. China, India, Japan, and Indonesia are among the significant contributors to the region's growth. Towards the end of 2020, India was the fifth-largest motor vehicle/car market in the world. According to the Indian government, 3.49 million passenger and commercial vehicles were sold in 2020. In India, 3.49 million passenger and commercial vehicle sales were registered in 2020. Companies such as GM, Tata Motors, Volkswagen Group, Toyota, Honda, and Hyundai are significantly expanding their manufacturing facilities in Asia-Pacific. The automobile industry's rapid expansion is boosting demand for a permanent magnet.

Restraints

The Fluctuating Cost of Raw Materials is Limiting Market Growth

One of the primary reasons limiting the permanent magnet market's growth is fluctuating raw material costs, which has significant repercussions for manufacturing companies. Manufacturers face unexpected challenges and disrupted supply chains, from rising energy prices to unforeseen variations in raw material prices, making it difficult to provide quality products at low prices and generate revenue. The prices of rare earth metals and other raw materials used in permanent magnets keep fluctuating. Thus, the quality and quantity of permanent magnets produced are affected by this. Consequently, manufacturers pass these expenses on to consumers. This can reduce the use of permanent magnets and tarnish their reputation as cost-efficient materials. Moreover, the prices of rare earth permanent magnet materials such as dysprosium and neodymium are highly volatile due to supply restrictions from China.

Impact of COVID-19

The novel coronavirus has negatively impacted the permanent magnet market. The COVID-19 outbreak has wreaked havoc all over the world. The worst effects have been seen in countries like Asia and Europe. Due to the lockdown restrictions imposed by the government, companies had to suspend operations and manufacturing facilities temporarily. The construction industry was shut down as well so that the disease would not spread. As a result, the use of permanent magnets in numerous applications decreased. Additionally, due to a spike in COVID-19 cases, the demand for ventilators soared, positively affecting the market. As a result, the permanent magnet market is expected to experience an upward trend during the forecast period.

Global Permanent Magnet Market: By End-Use Industry

Based on the end-use industry, the global permanent magnet market is segmented into consumer electronics, general industrial, automotive, medical technology, environment &  energy, aerospace & defense, and others. The consumer electronics segment accounted for a significant market share in 2020 and is likely to dominate the segment during the forecast period as well. Rising investments in smartphones, laptops and household electronic devices are expected to boost product demand during the projected period.  Due to their extraordinary properties, permanent magnets are increasingly being used in a variety of applications. Armstrong Fluid Technology, for example, released new versions of its Design Envelope 6800 boosters with permanent magnet motors in February 2020, which would save up to 40% more than booster systems with premium efficiency NEMA Motors with integrated drives. It is anticipated that the segment will grow over the projection period due to the replacement of alternative items with permanent magnets.

Source: BlueWeave Consulting

Global Permanent Magnet Market: Regional Insights

Geographically, the global permanent magnet market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among all the regions, the Asia-Pacific segment held a significant market share in 2020 and is likely to dominate the segment during the forecast period. China has long been regarded as a preeminent market in the Asia-Pacific region. This can be linked to the region's increasing progress in end-use industries such as electronics, renewables, automotive, and medical. The country not only outperforms in terms of having a high consumption share due to large-scale manufacture of electronics, electric vehicles, and medical equipment, but it also has the advantage of possessing massive amounts of rare earth, a vital raw material.

Additionally, the increase in government initiatives in emerging economies like India is also driving the market forward. The Production-Linked Incentive Scheme in India, for instance, compelled 22 companies to apply for the incentive scheme, which is focused on smartphone manufacture in India. According to estimates, the companies will produce USD 153 billion in components and smartphones over the next five years. Samsung, Foxconn, Wistron, and Micromax are among the companies that have applied for this USD 6.6 billion incentive programme. Over the projection period, such programmes are expected to improve permanent magnet manufacturing and hence consumption.

Source: BlueWeave Consulting

Competitive Landscape

The global permanent magnet market is fragmented due to the presence of numerous domestic and international players. Besides this, the emergence of new entrants has resulted in healthier competition among long-established service providers in the industry. Some key players in the global permanent magnet market are Hitachi Metals, Ltd., Arnold Magnetic Technologies, Yantai Shougang Magnetic Materials Inc., Tdk Corp., Shin–Etsu Chemical Co., Ltd., Electron Energy Corporation, Adams Magnetic Products Co., Inc., Bunting Magnetics Co., Tengam Engineering, Inc., Ningbo Yunsheng Co., Ltd., Chengdu Galaxy Magnets Co. Ltd., Goudsmit Magnetics, Eclipse Magnetics, Earth–Panda Advance Magnetic Material Co., Ltd., Hangzhou Permanent Magnet Group, JPMF Guangdong Co., Ltd., and Other Prominent Players.

Recent Developments

• In December 2020, In collaboration with Electron Energy Corporation, Ames developed a magnet technology cornerstone, samarium cobalt (SmCo).

• In July 2020, Shin-Etsu Chemical Co., Ltd. developed a new type of silicone emulsion that is more effective. ·These unique silicone emulsions are produced using advanced purification technology with lower concentrations of particular siloxanes to comply with REACH regulations.

Scope of the Report

• By Type
  • • • Neodymium Iron Boron Magnets
      • Ferrite Magnets
      • Samarium Cobalt Magnets
      • Alnico Magnets
      • Others
• By End-Use Industry
  • • • Consumer Electronics
      • General Industrial
      • Automotive
      • Medical Technology
      • Environment & Energy
      • Aerospace & Defense
      • Others
•  By Region
  • • • North America
      • Europe
      • The Asia-Pacific
      • Latin America
      • The Middle East and Africa

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Primary & Secondary Research Application
      2. Secondary Research
      3. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Global Permanent Magnet Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Recent Development/Technological Advancements
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Application of Suppliers
      2. Bargaining Application of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Global Permanent Magnet Market Overview
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Billion)        
   2. Market Share & Forecast
      1. By Type
         1. Neodymium Iron Boron Magnets
         2. Ferrite Magnets
         3. Samarium Cobalt Magnets
         4. Alnico Magnets
         5. Others
      2. By End-Use Industry
         1. Consumer Electronics
         2. General Industrial
         3. Automotive
         4. Medical Technology
         5. Environment & Energy
         6. Aerospace & Defense
         7. Others
      3.  By Region
         1. North America
         2. Europe
         3. The Asia-Pacific
         4. Latin America
         5. The Middle East and Africa
6. North America Permanent Magnet Market  
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
      2. By End-Use Industry
      3. By Country
         1. United States
         2. Canada
7. Europe Permanent Magnet Market
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
      2. By End-Use Industry
      3. By Country
         1. France
         2. Germany
         3. United Kingdom
         4. Rest of Europe
8. Asia-Pacific Permanent Magnet Market
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
      2. By End-Use Industry
      3. By Country
         1. Japan
         2. China
         3. India
         4. New Zealand
         5. Australia
         6. Rest of APAC
9. Latin America Permanent Magnet Market
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
      2. By End-Use Industry
      3. By Country
         1. Brazil
         2. Mexico
         3. Rest of Latin America
10. Middle East & Africa Permanent Magnet Market
    1. Market Size & Forecast by Value, 2017-2027
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Type
       2. By End-Use Industry
       3. By Country
          1. South Africa
          2. Saudi Arabia
          3. UAE
          4. Rest of MEA
11. Competitive Landscape
    1. Company Market Share Analysis, 2020
    2. Competitive Benchmarking, By Product Offerings
    3. List of Key Players and their Offerings
12. Impact of COVID-19 across Industry
13. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. Hitachi Metals, Ltd.
    2. Arnold Magnetic Technologies
    3. Yantai Shougang Magnetic Materials Inc.
    4. Tdk Corp.
    5. Shin–Etsu Chemical Co., Ltd.
    6. Electron Energy Corporation
    7. Adams Magnetic Products Co., Inc.
    8. Bunting Magnetics Co.
    9. Tengam Engineering, Inc.
    10. Ningbo Yunsheng Co., Ltd.
    11. Chengdu Galaxy Magnets Co. Ltd.
    12. Goudsmit Magnetics
    13. Eclipse Magnetics
    14. Earth–Panda Advance Magnetic Material Co., Ltd.
    15. Hangzhou Permanent Magnet Group
    16. Jpmf Guangdong Co., Ltd.
    17. Other Prominent Players
14. Key Strategic Recommendations

*Financial details of unlisted companies will be available as per data availability in final deliverable

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable.

List of Figures

Fig 1: Global Permanent Magnet Segmentation

Fig 2: Global Permanent Magnet Market Value Chain Analysis

Fig 3: Company Market Share Analysis, 2020

Fig 4: Global Permanent Magnet Market Size, By Value (USD Billion), 2017-2027

Fig 5: Global Permanent Magnet Market Share, By Type, By Value, 2017-2027

Fig 6: Global Permanent Magnet Market Share, By End-Use Industry, By Value, 2017-2027

Fig 7: Global Permanent Magnet Market Share, By Region, By Value, 2017-2027

Fig 8: North America Permanent Magnet Market Size, By Value (USD Billion), 2017-2027

Fig 9: North America Permanent Magnet Market Share, By Type, By Value, 2017-2027

Fig 10: North America Permanent Magnet Market Share, By End-Use Industry, By Value, 2017-2027

Fig 11: North America Permanent Magnet Market Share, By Country, By Value, 2017-2027

Fig 12: Europe Permanent Magnet Market Size, By Value (USD Billion), 2017-2027

Fig 13: Europe Permanent Magnet Market Share, By Type, By Value, 2017-2027

Fig 14: Europe Permanent Magnet Market Share, By End-Use Industry, By Value, 2017-2027

Fig 15: Europe Permanent Magnet Market Share, By Country, By Value, 2017-2027

Fig 16: the Asia-Pacific Permanent Magnet Market Size, By Value (USD Billion), 2017-2027

Fig 17: the Asia-Pacific Permanent Magnet Market Share, By Type, By Value, 2017-2027

Fig 18: the Asia-Pacific Permanent Magnet Market Share, By End-Use Industry, By Value, 2017-2027

Fig 19: the Asia-Pacific Permanent Magnet Market Share, By Country, By Value, 2017-2027

Fig 20: Latin America Permanent Magnet Market Size, By Value (USD Billion), 2017-2027

Fig 21: Latin America Permanent Magnet Market Share, By Type, By Value, 2017-2027

Fig 22: Latin America Permanent Magnet Market Share, By End-Use Industry, By Value, 2017-2027

Fig 23: Latin America Permanent Magnet Market Share, By Country, By Value, 2017-2027

Fig 24: The Middle East & Africa Permanent Magnet Market Size, By Value (USD Billion), 2017-2027

Fig 25: The Middle East & Africa Permanent Magnet Market Share, By Type, By Value, 2017-2027

Fig 26: The Middle East & Africa Permanent Magnet Market Share, By End-Use Industry, By Value, 2017-2027

Fig 27: The Middle East & Africa Permanent Magnet Market Share, By Country, By Value, 2017-2027

List of Tables.

Table 1: Global Permanent Magnet Size, By Form, By Value, 2017-2027

Table 2: Global Permanent Magnet Market Size, By Type, By Value, 2017-2027

Table 3: Global Permanent Magnet Market Size, By End-Use Industry, By Value, 2017-2027

Table 4: Global Permanent Magnet Market Size, By Region, By Value, 2017-2027

Table 5: North America Permanent Magnet Market Size, By Type, By Value, 2017-2027

Table 6: North America Permanent Magnet Market Size, By End-Use Industry, By Value, 2017-2027

Table 7: North America Permanent Magnet Market Size, By Country, By Value, 2017-2027

Table 8: Europe Permanent Magnet Market Size, By Type, By Value, 2017-2027

Table 9: Europe Permanent Magnet Market Size, By End-Use Industry, By Value, 2017-2027

Table 10: Europe Permanent Magnet Market Size, By Country, By Value, 2017-2027

Table 11: Asia-Pacific Permanent Magnet Market Size, By Type, By Value, 2017-2027

Table 12: Asia-Pacific Permanent Magnet Market Size, By End-Use Industry, By Value, 2017-2027

Table 13: Asia-Pacific Permanent Magnet Market Size, By Country, By Value, 2017-2027

Table 14: Latin America Permanent Magnet Market Size, By Type, By Value, 2017-2027

Table 15: Latin America Permanent Magnet Market Size, By End-Use Industry, By Value, 2017-2027

Table 16: Latin America Permanent Magnet Market Size, By Country, By Value, 2017-2027

Table 17: Middle East & Africa Permanent Magnet Market Size, By Type, By Value, 2017-2027

Table 18: Middle East & Africa Permanent Magnet Market Size, By End-Use Industry, By Value, 2017-2027

Table 19: Middle East & Africa Permanent Magnet Market Size, By Country, By Value, 2017-2027

Table 20: Hitachi Metals, Ltd. Business Overview

Table 21: Hitachi Metals, Ltd. Financial Analysis

Table 22: Arnold Magnetic Technologies Business Overview

Table 23: Arnold Magnetic Technologies Financial Analysis

Table 24: Yantai Shougang Magnetic Materials Inc. Business Overview

Table 25: Yantai Shougang Magnetic Materials Inc. Financial Analysis

Table 26: Tdk Corp. Business Overview

Table 27: Tdk Corp. Financial Analysis

Table 28: Shin–Etsu Chemical Co., Ltd. Business Overview

Table 29: Shin–Etsu Chemical Co., Ltd. Financial Analysis

Table 30: Electron Energy Corporation Business Overview

Table 31: Electron Energy Corporation Financial Analysis

Table 32: Adams Magnetic Products Co., Inc. Business Overview

Table 33: Adams Magnetic Products Co., Inc. Financial Analysis

Table 34: Bunting Magnetics Co. Business Overview

Table 35: Bunting Magnetics Co. Financial Analysis

Table 36: Tengam Engineering, Inc. Business Overview

Table 37: Tengam Engineering, Inc. Financial Analysis

Table 38: Ningbo Yunsheng Co., Ltd. Business Overview

Table 39: Ningbo Yunsheng Co., Ltd. Financial Analysis

Table 40: Chengdu Galaxy Magnets Co. Ltd. Business Overview

Table 41: Chengdu Galaxy Magnets Co. Ltd. Financial Analysis

Table 42: Goudsmit Magnetics Business Overview

Table 43: Goudsmit Magnetics Financial Analysis

Table 44: Eclipse Magnetics Business Overview

Table 45: Eclipse Magnetics Financial Analysis

Table 46: Earth–Panda Advance Magnetic Material Co., Ltd. Business Overview

Table 47: Earth–Panda Advance Magnetic Material Co., Ltd. Financial Analysis

Table 48: Hangzhou Permanent Magnet Group Business Overview

Table 49: Hangzhou Permanent Magnet Group Financial Analysis

Table 50: JPMF Guangdong Co., Ltd. Business Overview

Table 51: JPMF Guangdong Co., Ltd. Financial Analysis